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Auto investor Kirk Kerkorian dead at 98

Kirk Kerkorian, among the most talked-about investors in the American auto industry in recent memory, died at the age of 98 in Los Angeles on Monday, June 15. The billionaire ran the investment company Tracinda Corp. and was the largest shareholder in MGM Resorts International. Kerkorian attempted to use his power as a well-financed investor to push the auto industry in some fascinating ways. In 2006, he used his nearly 10-percent stake in General Motors to push a merger with the Renault-Nissan Alliance. The deal made it as far as discussions, but eventually fell through. Kerkorian also attempted to purchase Chrysler - twice. According to Automotive News, the first effort came in 1995 with a $22.8-billion offer for the automaker, and soon after it failed the company merged with Daimler. Then in 2007, Kerkorian was back with a bid for $4.5 billion, but things eventually fell to Cerberus. The billionaire finished the trifecta by buying up $1 billion in Ford stock in 2008 to make Kerkorian the single largest investor in the company. However, the situation didn't last long, and by the end of that year, he had unloaded the shares. According to Automotive News, Kerkorian was ranked by Forbes as the world's 41st richest man in 2008 with a net worth of $16 billion. News Source: Automotive News - sub. req.Image Credit: Joe Cavaretta / AP Photo Celebrities Earnings/Financials Chrysler Ford GM obituary

Chrysler 300C returns for 2023 with SRT power and more

Chrysler will revive the SRT formula for a special 2023 300C model equipped with the snarling 6.4-liter Hemi V8. While the badge itself won't return, the 2023 300C will offer everything the old 300 SRT had and more, including a limited-slip differential, big brakes, a sport exhaust and active dampers. Chrysler 300 Scat Pack, here we come — but you'd better act fast, as only 2,000 of them will be produced for the U.S. market (plus another 200 for Canada). And after 2023, the whole Chrysler 300 lineup will be gone for good.  "WeÂ’re celebrating the Chrysler 300 and itÂ’s iconic legacy in the automotive world," said Chrysler brand chief Chris Feuell. "The Chrysler 300 changed the automotive world in so many ways, and we will carry that spirit of ingenuity forward as we transform Chrysler with a fully electrified future and breakthrough customer experiences." Chrysler last sold the 300C variant (with its standard 5.7-liter Hemi V8) for the 2020 model year. While the 5.7 was still available in the 300S, the C was long the pinnacle of non-SRT models in the 300 lineup. In much the same way that Lexus IS500 F Sport Performance revived the underlying formula of the old IS F, this limited-edition 300C brings back the magic that made the SRT8 (later just SRT) model so desirable.  Before it was canned for the U.S. market in 2015, the 300 SRT was briefly offered with the 6.4, albeit with the five-speed automatic that dated to the Daimler-Chrysler years. The 2023 revival packs 485 horsepower (up from the old SRT's 470) and 470 pound-feet of torque. Power goes to the rear wheels by way of an eight-speed automatic and limited-slip differential. Chrysler says this combo is good for a 4.3-second sprint to 60 and a quarter-mile time of 12.4 seconds.  2023 Chrysler 300C View 28 Photos From there, the list of goodies on this limited-run 300C lines up pretty closely with a standard Dodge Charger Scat Pack. Chassis improvements include four-piston Brembo brakes and active dampers, and the round black tips are attached to an active exhaust to allow for mild cruising or wild hooning. Unique 20-inch wheels, black chrome accents on the grille and bumpers, blacked out head- and taillights and a new tri-color Chrysler badge will help the 2023 300C stand out in a crowd.  Inside, unique elements include Black Laguna leather seats embossed with the 300C logo, unique silver stitching, carbon fiber inserts and gloss black trim.

Fiat Chrysler shares get a boost after revised Stellantis merger deal with PSA

MILAN — Shares in Fiat Chrysler (FCA) rose sharply in Milan on Tuesday after the car maker and French partner PSA revised the terms of their merger deal, with FCA's shareholders getting a smaller cash payout but a stake in another business. FCA and PSA, which last year agreed to merge to give birth to Stellantis, the world's fourth largest car manufacturer, said late on Monday they had amended the accord to conserve cash and better face the COVID-19 challenge to the auto sector. Milan-listed shares in Fiat Chrysler rose almost 8% by 1000 GMT, while PSA gained 1.5%. Under the revised terms, FCA will cut from 5.5 billion euros ($6.5 billion) to 2.9 billion euros the cash portion of a special dividend its shareholders are set to receive on conclusion of the merger. However, PSA will for its part delay the planned spinoff of its 46% stake in car parts maker Faurecia until after the deal is finalized. That means all Stellantis shareholders — and not just the current PSA investors - will get shares in a company which has a market value of 5.8 billion euros. Based on Stellantis' 50-50 ownership structure, FCA and PSA respective shareholders will each receive a 23% stake in Faurecia. Analysts welcomed the 2.6 billion euros in additional liquidity for Stellantis' balance sheet as well as the increase in projected synergies to more than 5 billion euros from 3.7 billion. There was also further reassurance as the two companies confirmed they expected the deal to close by the end of the first quarter of 2021. "All told, the two players emerge as winners," broker ODDO BHF said in a note. "Of the two, FCA might be a bit more of a winner in the short term given the structure of the deal and the numerous payouts to shareholders to come in the quarters ahead (potentially close to 5 billion euros versus the current capitalization of around 16 billion euros)." The special dividend for FCA shareholders had proved contentious after Italy offered state guarantees for a 6.3 billion euro loan to the company's Italian business. "These announcements should, at last, end the debate over the financial terms of the merger, which had become a big topic and was still penalizing the two groups' share performances," ODDO BHF said. PSA and FCA said they would consider paying out 500 million euros to shareholders in each firm before closing or else a 1 billion euro payout to Stellantis shareholders afterwards, depending on market conditions and company performance and outlook.